BAC - Why Shares of Bank of America Morgan Stanley and PacWest Bancorp Are Rising Today
2023-07-18 13:46:04 ET
Bank stocks rose on well-received earnings reports from some of the largest names in the sector that pointed to a more optimistic outlook than investors had expected.
Shares of Bank of America (NYSE: BAC) traded more than 4.5% higher as of 1:24 p.m. ET Tuesday. Meanwhile, shares of Morgan Stanley (NYSE: MS) traded more than 6% higher, while shares of PacWest Bancorp (NASDAQ: PACW) were up roughly 8%.
Bank of America reported second-quarter earnings of $0.88 per share on revenue of roughly $25.3 billion, both numbers that beat consensus estimates.
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Why Shares of Bank of America, Morgan Stanley, and PacWest Bancorp Are Rising Today